Former NFL QB Vince Young files for Chapter 11 bankruptcy

Former NFL QB Vince Young is only 30 years old. Young is out of the NFL and now, he’s filed for federal Chapter 11 bankruptcy. Young’s story is a virtual guide of how to lose millions as a pro athlete. Young spent time with the Titans, Eagles and Bills – though never actually making it out of training camp with the latter.

His rookie deal included $25.7 million in guaranteed money.

“If you wanted to write a manual about how to go into bankruptcy, Vince’s story would be it,” said Ed Butowsky, a Dallas financial adviser who contributed to an ESPN Films documentary about the money woes of pro athletes. “It’s a classic example of all the things that can go wrong.”

Young’s assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. Young sued his financial advisers last year, but a settlement was reached.

Young is also dealing with a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 NFL lockout. With the interest that has accumulated, Young now owes $2.5 million to New York’s “Pro Player Funding.” The interest rate on the loan was 20%.

In his six NFL seasons, Young earned an estimated $34 million.